What Is Crypto Bounty Hunting? Quick Guide
Crypto bounty hunting is gaining popularity among techies and crypto enthusiast and is now considered by many as a viable career option for many.
For individuals unfamiliar with the concept of crypto bounty hunting, it involves finding vulnerabilities in the codebase in return for rewards which is often in stakes.
Just like the entire crypto industry, this sector is growing rapidly and fast gaining popularity, with developers and coders opting to bounty hunting as a means of earning digital currency.
On the onset, this sector helped ICO’s gain improved security before launching as coders spent time looking for glitches and bugs for rewards. Nonetheless, even larger players like Coinbase have bounty programs.
Transformation of Crypto Bounty Hunting
As the number of coders grew, some startups were unable to reward the number of bounty hunters that partook in their campaigns.
Slowly, coders began drifting away, however, some companies are making crypto bounty hunting worthwhile for coders looking to make digital assets out of this career.
These companies, popularly referred to as bounty hosts, connect coders in their membership base to companies or startups that need their codes to be checked for weaknesses.
On confirmed platforms, rewards are usually certain, essentially keeping this segment of the blockchain industry alive.
Some of the most popular bounty hosts are:
Bounty0x is a global bounty hunting platform for coders. The Bounty0x network is powered by the BTNY tokens courtesy of its recently completed its ICO launch.
Bounty0x is a trustless network, what this means is that anyone can post bounty campaigns on the platform.
While this network is great for Bounty hunters to access a variety of campaigns, it opens up the doorway for scam campaigns too.
Asides being one of the biggest bounty host, Bounty is also a fast growing blockchain platform. Over the last week, Bounty concluded its token presale, and will be initiating the BNTY buyback program soon.
Launched back in 2017, BountiesNetwork is one of the most recent bounty hosts, but has since grown to be regarded as one of the biggest.
BountiesNetwork is built over the Ethereum network, and is popularly regarded as the standard for bounty implementation on the Ethereum network.
Being an ethereum based network, payments are made on BountiesNetwork using Ethereum tokens (ETH) or any other approved ERC20 tokens.
Based on the ETH network doesn’t limit BountiesNetwork as it offers bounty campaigns of a broad variety including tasks ranging from smart contracts to decoding, checking lines of codes for weakness.
Gitcoin is one of the best open source communities where developers can find employers looking to re-enforce their networks and perform other tasks.
Gitcoin is not the biggest bounty host on the list, but is one of the most regulated bounty networks one can find. As at press time, Gitcoin is estimated to have about 3,000 developers.
Gitcoin unlike most other bounty host is specific about building relationships and products positively on the platform.
To this effect, Gitcoin recently launched a mobile application for better communication between the employers and developers. Gitcoin also supports smart contract forwards along with crypto bounty campaigns which makes a double sided market.
Bitcointalk is a forum about bitcoin and other cryptocurrencies. Bitcointalk forum provides an important tool for ICO’s and as such, bounty hunters.
Every ICO is announced on the platform, including important guidelines which makes it the most popular bounty hunting platforms in existence.
Helpful guidelines for crypto bounty hunting
Before embarking on a bounty hunting campaign which may seem a great way of earning money, there are some guidelines we would recommend for the best possible experience.
- Find a Bounty Campaign: This is the first and most important guidelines of all. Only embark on a bounty campaign you have confirmed to be authentic to avoid falling victim to scams.
- Pick an Ideal Category: Tasks on bounty hosts range from writing, to coding and decoding, advertisement. Only embark on a bounty campaign if the category is an area of your strength.
- Inspect the Campaign: Before starting off on a bounty campaign, carefully inspect the campaign. Read through the terms and conditions, as rewards cannot be retrieved from some platforms until you complete extra tasks.